RBI submits to SC list of defaulters

As directed, the Reserve Bank of India (RBI) submitted Wednesday a list of defaulters who owe Rs 500 crore or more to public sector banks. The RBI told the top court it was “extremely necessary” to keep these names confidential due to their “fiduciary relationship”.

But data from Cibil, the agency which collates information on credit, show 6,819 wilful defaulters owed banks Rs 74,699 crore until December 2015, up from Rs 22,332 crore that 3,703 wilful defaulters owed until December 2012.

The RBI defines wilful default as deliberate non-payment of dues by the borrower despite adequate cash flow and good net worth